
The retail sector is braced for a challenging year, with a record 17,349 shop closures forecast for 2025, according to the Centre for Retail Research.
If the forecast is correct then this would surpass the previous record of 17,145 in 2022. Last year, 13,479 shops closed and 169,395 retail jobs were los marking a 28% increase from 2023.
The data found that retailers are particularly concerned about the impending rise in business rates, which will more than double the average shop’s bill to £8,613
The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations.
Professor Joshua Bamfield, Director of the Centre for Retail Research, said: “The comparatively low figures for 2023 now look like an anomaly, a pause for breath by many retailers after lockdowns if you like.
“The problems of changed customer shopping habits, inflation, rising energy costs, rents and business rates have continued and forced many retailers to cut back even more strongly in 2024.”
Forecast for the Year 2025
TOTAL STORES CLOSED | 17,349 | |||
TOTAL JOB LOSSES | 201,953 | |||
Outcomes for 2024 | ||||
Retailing 2024 (end-December) | Administ-ration | CVAs | Rational-isation | Totals |
specific redundancies & rationalisation | 7,727 | NA | 17,757 | 25,484 |
multiples: stores closed | 918 | 1,220 | 2,138 | |
multiples: jobs lost | 11,231 | 65,553 | 74,784 | |
self-employed/concessions in larger shops | 4,311 | 6,200 | 10,511 | |
independent store closures | 6.619 | 4,722 | 11,341 | |
independent job losses | 32,645 | 25,971 | 58.616 | |
Total Job losses | 55,914 | 113,481 | 169,395 | |
Total store closures | 7,537 | 5,942 | 13,479 | |